I look at it as $250m for the dirt, where as our $350m market cap includes the mill. We have lots of great drill results outside our resource. I don't think we''l have any trouble increasing our resource, but the aim here isn't to grow inferred ounces, it's to define how we'll feed the mill.
On an NPV calc, ounces past year 10 do very little (discount rate).
We are drilling to improve the mine plan, not grow an inferred resource for a take over.
We have no debt, sound management are well located and don't have a blocking foreign ownership.
I'd say $250m for Focus' dirt makes us look very cheap. I thought that's what was behind our bump to 15.5c today (along with the picture of our Mill with Lights On).
Not sure what the WGX announcement today was about. WGX already owns a fat stake in NMG and they have a toll treating agreement. What's left to buy? I'm sure NMG board would like to stay employed
MEK Price at posting:
15.0¢ Sentiment: Buy Disclosure: Held
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